McGrath expand on Sydney's lower north shore
McGrath Limited's presence on the lower north shore of Sydney has expanded through an agreement to acquire the real estate business owned and managed by John McManus (currently operating as LJ Hooker Willoughby/Artarmon).
Its ASX shareholders were told the total consideration is expected be $2 million.
“We are excited to welcome John back to McGrath where we expect that he will make a significant contribution to our Lower North Shore business,"McGrath CEO Geoff Lucas said.
"John is without doubt an elite performer within our industry, and has an outstanding depth of knowledge with respect to the Lower North Shore market, where he has lived for over 20 years.”
Mr McManus returns to McGrath having been their No. 1 agent in FY2011, and ranking in their Top 10 for several years.
Mr McManus left the company to become principal and licensee of LJ Hooker Willoughby/Artarmon in January 2014, where he was awarded the title of Top Sales Agent for NSW/ACT in 2018 and No. 1 World Champion Sales Person for their International division.
McGrath Willoughby will be located at 150 Mowbray Road, Willoughby.
Lucas advised the acquisition was "consistent with our previously announced corporate strategy of maintaining our presence in the lower north shore of Sydney and expanding our rent roll assets organically and by acquisition."
"The company has entered into an agreement to acquire the business and assets, including rent roll, of a real estate business owned and managed by John McManus (currently operating as LJ Hooker Willoughby/Artarmon)," the announcement said.